The 'Goods and Services Tax' on intra-state supply comprises: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on intra-state supply comprises:

A. SGST only

B. IGST

C. CGST and SGST/UTGST

D. CGST only

Answer: Option C

Solution (By JKSSB Mock Tests)

Intra-state supplies attract both CGST and SGST/UTGST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on petroleum and natural gas is:

A. 18%

B. 0%

C. 5%

D. not under GST

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Correct Answer: Option D

Explanation:
Petroleum products and natural gas are outside GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The International Monetary Fund and the World Bank were established at:

A. the Geneva Conference

B. the Bretton Woods Conference

C. the Doha Round

D. the UN General Assembly

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Correct Answer: Option B

Explanation:
The IMF and World Bank were established at the Bretton Woods Conference in 1944.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Precautionary Saving' arises because:

A. Individuals save more when future income is uncertain

B. Individuals save only for retirement

C. Only permanent income matters

D. Saving is independent of uncertainty

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Correct Answer: Option A

Explanation:
Precautionary saving is additional saving undertaken by risk-averse agents to buffer against future income or expenditure uncertainty.

This question belongs to: Economy GK Economy Set 1

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